The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more "individualistic" funding options for start-ups, such as super angels or crowd sourcing...

Business angels are a vital source of capital for innovative startup firms. However, even of those startups that have the potential to fulfill angel investors’ expected return on investment, most are rejected during the angel’s investment decision process. Information asymmetry, risk and...